Radiance Holdings (09993.HK) saw its stock price soar 12.41% during intraday trading on Wednesday, continuing a pattern of significant volatility.

The surge appears to be part of an extended speculative rally that began after the stock hit a record low earlier this month. According to market reports, the company's shares have experienced dramatic multi-day gains despite lacking fundamental support.

Financial data reveals concerning metrics, including a 42.69% year-over-year decline in revenue, a net loss attributable to shareholders of RMB 6.919 billion, and total liabilities of RMB 62.181 billion. The company faces a significant cash shortfall with only RMB 815 million in cash against RMB 13.319 billion in short-term debt. Adding to investor concerns, the company's auditor recently resigned and issued a disclaimer of opinion, citing material uncertainty over the group's ability to continue as a going concern.